Carlsmed (CARL) Research & Development (2024 - 2026)
Carlsmed's (CARL) quarterly Research & Development came in at $5.2 million in Q1 2026, up 249.86% YoY from $1.5 million in Q1 2025, and up 270.72% on a QoQ basis from -$3.0 million in Q4 2025.
Carlsmed (CARL) Research & Development (2024 - 2026) Analysis & Trends
Carlsmed (CARL) has 3 years of Research & Development data on file, last reported at $5.2 million in Q1 2026.
- Quarterly Research & Development rose 249.86% year-over-year to $5.2 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $8.8 million (down 55.52% YoY) and the FY2025 annual result came in at $8.7 million, down 59.38% from the prior year.
- Research & Development rose to $5.2 million in Q1 2026, from -$3.0 million in the prior quarter.
- In the past five years, Research & Development ranged from a high of $10.2 million in Q4 2024 to a low of -$3.0 million in Q4 2025.
- A 3-year average of $3.6 million and a median of $4.0 million in 2024 frame the typical range for Research & Development.
- Annual changes were most pronounced in 2025 — Research & Development tumbled 129.78% — and 2026, when it jumped 249.86%.
- Tracing CARL's Research & Development over 3 years: stood at $10.2 million in 2024, then plunged by 129.78% to -$3.0 million in 2025, then soared by 270.72% to $5.2 million in 2026.
- The last three Research & Development figures came in at $5.2 million (Q1 2026), -$3.0 million (Q4 2025), and $4.4 million (Q3 2025), per Business Quant data.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Veeva Systems | 39.72 Bn | 32.40 Bn | 662.02 Mn | 208.32 Mn |
| 2 | BrightSpring Health Services | 12.19 Bn | 11.64 Bn | 492.75 Mn | - |
| 3 | Healthequity | 8.79 Bn | 8.52 Bn | 256.31 Mn | 26.83 Mn |
| 4 | 10x Genomics | 7.31 Bn | 6.76 Bn | 112.50 Mn | 56.79 Mn |
| 5 | Hinge Health | 7.10 Bn | 6.71 Bn | 183.95 Mn | 81.41 Mn |
| 6 | MiniMed | 5.66 Bn | 5.36 Bn | 480.00 Mn | 99.00 Mn |
| 7 | Waystar Holding | 4.76 Bn | 4.56 Bn | 221.99 Mn | 50.38 Mn |
| 8 | Doximity | 4.46 Bn | 3.77 Bn | 132.93 Mn | 45.05 Mn |
| 9 | Heartflow | 3.66 Bn | 3.28 Bn | 53.19 Mn | 30.58 Mn |
| 10 | Carlsmed | 389.87 Mn | 276.57 Mn | 14.54 Mn | 11.92 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 11.92 Mn |
| Mar 31, 2026 | 5.18 Mn |
| Dec 31, 2025 | -3.03 Mn |
| Sep 30, 2025 | 4.45 Mn |
| Jun 30, 2025 | 2.17 Mn |
| Mar 31, 2025 | 1.48 Mn |
| Dec 31, 2024 | 10.18 Mn |
| Sep 30, 2024 | 4.04 Mn |
| Jun 30, 2024 | 4.00 Mn |